chapter  I
7 Pages

UNEMPLOYMENT—PRELIMINARY

Stated crudely as above the two arguments simply cancel out. If we are to make progress we must adopt a less superficial approach. We cannot attempt to say whether unemployment will be higher or lower in different circumstances unless we can produce some analysis of what determines the level of unemployment at any given time, such as the present. And the first thing to realize is that unemployment is not a simple phenomenon with one single cause, but a very complex one, with many causes.